X0202 3/A 2006-01-03 2006-01-09 0 0000879933 IPSCO INC IPS 0001349222 MacPhail Peter Estey C/O IPSCO INC. 650 WARRENVILLE ROAD, SUITE 500 LISLE IL 60532 0 1 0 0 VP Primary Operations Commons Shares 1530 D Performance Units 0 2006-07-23 Common Stock Equivalents 6000 D Performance Units 0 2007-04-28 Common Stock Equivalents 8000 D Performance Units 0 2008-04-28 Common Stock Equivalents 6400 D A performance unit or PU is a bookkeeping entry equal to one common share of the Issuer. It is payable on the noted date only upon the satisfaction of express performance objectives over an express performance period. PU's may be paid in the form of common shares, cash or a combination of both. There is no express expiration date for performance units. Peter MacPhail By Leslie Lederer, Attorney-in-Fact 2006-01-24